US equities are choppy, battling to stay positive. Meanwhile, WTIC is currently -0.3% in the $72s. The energy sector ETF of XLE is currently net lower for the week by -5.8% at $85.05.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $75.44, but swung to $71.12, not helped by the latest EIA inventory report. The bolder oil bears could seek a washout to the 66/65s next week.
XLE: energy stocks have seen early gains fade, with the downside reversal in oil. S/t price structure is a bear flag, offering the 200dma in the $78s. Any price action <80 would merit alarm bells.
notable stock: OXY
Early upside… but a full reversal to turn red, as yesterday’s black candle played out.
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notable stock: RIG
I see no specific news. Gains are fading, with today’s candle very spiky.
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Equities: sp’60min
Price structure is a pretty clean bear flag. Negated if >4K, confirmed if <3918.